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Lou Brown:
Hello everyone, and welcome back to another installment of our Street Smart Q and A. Where you have sent me a ton of questions. I’m excited to answer all of them for you. Before we get started, let me just recap what’s happened over the last couple of weeks in our economy. Tell you that, I think that, a lot of things are on hold right now waiting for the elections. I don’t think it’s really going to make a difference who gets elected in terms of things turning around. I just think that a lot of things are on hold.
Lou:
Hello everyone and welcome back to another session of our Street Smart Group Q&A. You sent me a ton of questions. Before we get started I Just wanted to say that this has been a fantastic year. I hope it’s been a great year for you. Taking a look at what is happening in our economy; a lot of people are running scared. It’s just truly amazing how many questions I get about today’s economy. So let’s talk about it for just a second and say, I hope you are looking for houses right now and I hope you are finding them. Because sellers are willing to do things that they haven’t been able, or willing to do for many, many years. Right now, there is a lot of them that are motivated having sat on their properties. Having waited for the market to come back, and now discovering that the market is not there, and it is not coming back for a while. Sellers are backing up. To give you a story, we just bought condo and many of you have heard me at jump-start, explain that I am not crazy about condoms and we are not interested in buying condos. The only way I will by a condo is if it’s very cheap.
Question:
How would you suggest a rookie get their first deal?
Answer:
This is such an important question for so many folks. Because whether you been in business for a long time or your just getting started. It is so important that you really rev up your buying machine. That means that you have to do a significant amount of marketing in the beginning in order to get the attention. In order to get the leads coming in. In order to get the momentum in your business. So, I recommend that if you do not yet have your marketing ordered. If you do not yet have your marketing placed that is an appropriate use of time.
Question:
The first question comes from William Edwards who says: How do you start part time.
Answer:
Well William, here’s what I’m recommending. I understand that you’ve got all these commitments and all these distractions in life particularly when you’re working with someone else, so what you want to do is be able to calendar and commit a certain amount of time on a daily and weekly basis to allow yourself to be able to have the time to build your business.
Question:
Joe was asking a question; I’ve looked through everything I have but I didn’t notice the answer if it was there. What percent of the monthly rent and option fee go toward the payoff of the house? I’m working on a lease-option deal now for one of our houses. The house is worth $250,000. He’s willing to pay a 5% option fee, but wants to know what percent goes toward the purchase price. Thanks.
Question:
The reason for this note is to inquire how to handle this wonderful situation I have pending. We have a $269,000.00 house currently in the owner financing rent to owner category. We have an interested couple with $15,000.00 to put down and able to pay $1,500.00 per month. As you can see, the down payment fits our program perfectly and the $1,500.00 payment is about $500.00 to little to actually cover the payment on the underlying loan. Please advise how you would structure this one-year deal.
The couple Charles Sr. plans to cash out within 6 to 9 months once their credit issues are resolved. I was told that their son Charles Jr. has crummy credit and it has ended up on Charles Sr.’s credit report. Can credit wiz help straighten this out?
Question:
What do you say to mortgage companies like Auquin when you know what the BPO came in at, and the mortgage tells you a different amount. On a deal I was doing with Auquin I knew for a fact that the BPO came in at $49,900, right where I wanted it to, and Aquin it came in at $81,000.
DQuestion:
There is an empty house in my neighborhood. The tenant who had a life lease died recently. This home would make a great investment property, perhaps a sandwich lease option…maybe even owner financing deal. I would like to contact the owner to discuss various opportunities. In your opinion, is it best to approach the owners as an investor or as an individual who is interested in purchasing lease optioning the home?
Question:
Let’s start with Feridune on a trust question. He says hi Lou. Hope you can answer these questions. I have 15 four plexis in Nevada and have a few questions about them. What software do you recommend for tracking the income expense of these 60 units?
Question:
In volume to rental agreement BSH1703A, if you require certified check for each item at the signing meeting, rent, performance fee etc. What is the down side of having the lease in your company’s name?
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